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What distinguishes visionary companies? How can they be created? Contrary to much conventional wisdom, visionary companies do not require a high-profile, charismatic leader. Nor are they dependent on a great idea or fabulous initial product. Rather a visionary company is best understood as a particular kind of organization—one which builds in a unique and distinctive vision that is capable of enduring changes in leadership as well as market conditions. In short, building a visionary company is like building a clock, rather than simply telling time.
Collins et al. (1995) studied this question.